In recent years, development policy has responded to an increasing concern about natural resource degradation by setting up innovative payment for environmental services (PES) programs in developing countries. PES programs use market and institutional incentives in order to meet both...

The trend of increasing commodity prices that lasted for about 10 years between 2003 and 2012 has given way to lower global prices. It is now widely believed that prices will remain relatively low in the medium term, as growth in emerging economies has decelerated and, in general, commodity...